Fiscal Note
The proposed resolution authorizes the execution of a Purchase and Sale Agreement between the City of Madison and the owner of the property. The estimated acquisition cost is $207,300 for the parcel plus $15,000 in additional real estate costs for environmental site assessment, appraisal, miscellaneous closing costs, and staff time for a total amount of $222,300. The proposed property acquisition is funded by TID 42 (Wingra) and was included in the 2020 Adopted Capital Budget. No additional City appropriation is required.
Title
Authorizing the execution of a Purchase and Sale Agreement between the City of Madison and James J. Luscher for the City’s acquisition of the property located at 1401 Beld Street for the Cedar Street construction project. (13th AD)
Body
WHEREAS, James J. Luscher (“Seller”) is the owner of the property containing 5,536 square feet of land and single family home improvements, located at 1401 Beld Street legally described as Lot One (1), and the Westerly 10 feet in width of Lot Two (2), Block Six (6), Woodlawn Addition to South Madison, in the City of Madison, Dane County, Wisconsin (“Property”); and
WHEREAS, the City of Madison (“City”) desires to purchase the Property for the Cedar Street extension project, as the removal of the single-family home will allow for the realignment of Beld Street at the intersection of S. Park Street and Cedar Street. The realignment of Beld Street will improve the overall safety of the Cedar and S. Park Street intersection; and
WHEREAS, the Seller agrees, by virtue of an executed Purchase and Sale Agreement (“Agreement”), to sell the Property to the City for a purchase price of $207,300, which was negotiated based on an appraisal reviewed and approved by the City’s Office of Real Estate Services; and
NOW, THEREFORE, BE IT RESOLVED that the City’s Common Council hereby authorizes the City’s execution, as Buyer, of the Agreement with the Seller for the purchase of the Property, substantially ...
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